edition:
polskienglish
log in | register
previous
Hines brings another Korean investor to Poland
next
Over 40 mln visitors in Forum Lviv

reklama

CEREIT on shopping spree

Eurobuild CEE 24 June 2019
CEREIT on shopping spree
CEREIT is to buy stage one of Business Garden Poznań

POLAND/FRANCE Cromwell European REIT has announced that it is to acquire six office properties in France and Poland.

Simon Garing, the CEO of CEREIT commented, “Consistent with our commitment to deliver long-term DPU [distribution per unit] and net asset value growth, the acquisitions are expected to be DPU-accretive and to strengthen CEREIT’s portfolio. Capitalising on the low interest rate environment in Europe as well as the sponsor’s pipeline sourcing and execution capabilities, we have successfully negotiated deals to buy the new properties below replacement costs and at attractive yields. The acquisitions mark our entry into the office property market in Greater Paris, a Tier-1 European capital city. They also increase our exposure to Poland, which has an economy that has outperformed the Eurozone average as well as an office property market with robust fundamentals and a favourable outlook. In addition, they will enhance the portfolio’s geographical, tenant, and tenant trade sector diversity, providing CEREIT with greater resilience.”

The Poland Properties comprise two predominantly office properties in Kraków and an office property in Poznań. They have an aggregate spanning 34,295 sqm gla and 100 pct occupancy with a 6.1-year weighted average lease expiry. The key tenants include BGŻ BNP Paribas, Motorola Solutions Systems, and UBS Kraków. The Poznań property has an aggregate gla of 42,267 sqm and is 100 pct occupied with a weighted average lease expiry of 3.4-years. The key tenants include CapGemini, GSK, MAN Group, and Santander Group.

CEREIT is to pay EUR 246.9 mln for all six properties, which translates to EUR 2,238 per sqm.

Update

Vastint Poland has confirmed that one of the properties being transacted is the first stage of Business Garden Poznań, but stresses that no final sales contract has been signed.

Newsletter
Want to know more? Sign up for the Newsletter


reklama

More news

reklama

conferences

The 6th Invested Interest - Investment Market Conference
The 16th CEE Warehouse & Logistics Conference
reklama

reklama
About Us Contact Privacy Rules Archive Newsletter
Copyright 2017 EuroCEE. All rights reserved.